In British Columbia (BC), strata corporations play a vital role in the management and governance of multi-unit properties. With the complexity of their responsibilities, it is crucial for strata corporations to maintain accurate and comprehensive records. Record-keeping ensures transparency, accountability, and smooth operations within the strata community. This article explores the requirements for record-keeping in BC strata corporations, drawing information from reputable sources such as the Province of British Columbia, VibrantVictoria, and FirstService Residential.
Correspondence
To maintain a complete record of communication, strata corporations in BC are obligated to retain all correspondence sent or received for a minimum of two years. This includes emails, letters, and other forms of written communication. Keeping these records serves as evidence of important discussions, decisions, and agreements made within the strata community.
Strata Minutes
One of the essential records that strata corporations must retain is the minutes of meetings. It is recommended to keep copies of all minutes and annual general meetings (AGMs) for the entire duration of the strata corporation’s existence. Minutes serve as a historical record of decisions made, motions passed, and discussions held during meetings. They provide valuable insights into the decision-making processes of the strata council and contribute to the transparency and accountability of the corporation.
Other Records
In addition to correspondence and minutes, strata corporations in BC are required to retain various other records. These include:
- Registered strata plan: The official plan that outlines the boundaries and common property of the strata corporation.
- Bylaws and rules: The governing documents that establish the regulations and guidelines for the strata community.
- Written contracts: Agreements with service providers, contractors, and suppliers.
- Financial statements: Records of the strata corporation’s financial activities, including budgets, income, and expenses.
- Income tax returns (if applicable): Documentation related to the strata corporation’s tax obligations.
- Bank statements: Records of the strata corporation’s financial transactions.
- Other relevant records: Any additional documents that are deemed important for the operation and management of the strata corporation.
Each of these records serves a specific purpose in ensuring the proper functioning and accountability of the strata corporation. They provide a historical record of decisions, financial transactions, and legal obligations.
Bylaws and Regulations
It is important to note that the specific requirements for record-keeping may vary based on the bylaws of the strata corporation and any additional regulations that apply. Strata corporations should consult their specific bylaws to understand the record-keeping obligations and seek legal advice if necessary. Bylaws may set out specific guidelines for the retention period of records and any additional requirements.
Conclusion
Maintaining accurate and comprehensive records is crucial for strata corporations in BC. By retaining correspondence, minutes, and other relevant documents, strata corporations ensure transparency, accountability, and legal compliance. The records serve as a historical reference, providing valuable insights into the decision-making processes and financial activities of the strata corporation. Strata corporations should familiarize themselves with the specific record-keeping requirements outlined in their bylaws and seek professional advice when needed. By complying with record-keeping obligations, strata corporations contribute to the efficient and effective management of their communities.
Sources:
- Province of British Columbia: Information and record keeping in stratas
- VibrantVictoria: How far back must a seller or strata council provide minutes and/or access to engineering reports?
- FirstService Residential: Strata council meetings 101
FAQs
How long do you have to keep strata minutes in BC?
Strata corporations in British Columbia are recommended to retain copies of all minutes and annual general meetings (AGMs) for the entire duration of the strata corporation’s existence. This ensures a complete historical record of decisions made, motions passed, and discussions held during meetings.
Are there any specific requirements for retaining correspondence in strata corporations?
Yes, strata corporations in BC are required to retain all correspondence sent or received for a minimum of two years. This includes written communication such as emails, letters, and other forms of correspondence. Keeping these records serves as evidence of important discussions, decisions, and agreements made within the strata community.
What other records are strata corporations required to retain?
In addition to minutes and correspondence, strata corporations in BC are required to retain various other records. These include the registered strata plan, bylaws and rules, written contracts, financial statements, income tax returns (if applicable), bank statements, and other relevant records. Each of these records serves a specific purpose in ensuring the proper functioning, transparency, and accountability of the strata corporation.
Can the retention requirements for strata minutes vary?
Yes, the specific requirements for retaining strata minutes may vary based on the bylaws of the strata corporation and any additional regulations that apply. Strata corporations should consult their specific bylaws to understand the record-keeping obligations, including the retention period for minutes and any additional requirements.
What is the significance of retaining strata minutes?
Retaining strata minutes is essential as they serve as a historical record of decisions made, motions passed, and discussions held during meetings. These minutes provide valuable insights into the decision-making processes of the strata council and contribute to the transparency, accountability, and legal compliance of the strata corporation.
Are there any legal consequences for not retaining strata minutes?
The failure to retain strata minutes can have legal consequences. Strata minutes serve as evidence of the decision-making processes within the strata corporation and may be required in the event of disputes or legal proceedings. Failing to retain these records may hinder the ability to provide necessary documentation and could potentially result in legal liabilities for the strata corporation.
Can strata corporations digitize their records?
Yes, strata corporations have the option to digitize their records, including strata minutes. The Strata Property Act allows for the electronic storage and retrieval of records, provided that the records are easily accessible and can be converted into a written or print form if required. It is important to ensure that proper safeguards are in place to protect the integrity and security of the digitized records.
How can strata corporations ensure compliance with record-keeping requirements?
To ensure compliance with record-keeping requirements, strata corporations should establish clear policies and procedures for the retention and organization of records. This may include implementing a document management system, appointing a designated individual responsible for record-keeping, and conducting regular audits to ensure all necessary records are being properly retained. Seeking legal advice and staying informed about any updates or changes to record-keeping regulations is also recommended.